Retail Needs an eCommerce Element to Survive

Retail Needs an eCommerce Element to Survive

Today, technology has taken over every aspect of daily living. Retail businesses are not left behind in any way. ecommerce has created a new trend in the way goods are exchanged for money. Of course, there is still a place for your local retail store, however, your survival depends on a good blend of the two retailing models.

Take for example, in the U.S, about $63.4 billion was exchanged through e-commerce between January and March of 2016. A huge jump of 35% from 2013 figures. This means local retail stores including yours have lost a chunk of money to online retailers. It gets better, it is predicted that by 2018, e-commerce will account for over 12% of retail sales.

Be it fashion store, bookstore, electronic store, and any other type of retail stores you can think of, there is increasing consumer awareness on the benefits of online shopping.

Why should you adopt e-commerce?

1. Cost

It costs more to start up and maintain another outlet of your fashion store or jewellery store than an online store. When you consider your overheads and the daily cost of keeping the shop open, you are losing part of the revenue an online retailer doing the same business as yours is keeping.

2. More product variety

There is a limitation to how much product you can stuff inside your retail shop no matter how big. Online retailing gives you the freedom to stock as much as consumers want to see.

3. Limitless customer acquisition potential

Your store, located at one corner of the city is only accessible to few residents and some other passerby. It is not the case with online retailing. If you do it rightly, you can begin to perform cross-border sales in no time.

4. Convenience

Our daily routine is fast paced and consumers show a preference for comfort when shopping. I want to be able to check out products on my mobile device and with few more clicks, the product is at my door step. I could even shop while doing some other stuff. It could even be on my way to work.  Here are some facts about taking your retail business online.

The above is not to say that your local store should be totally phased out. For example, some consumers want hands -on feel of the product before purchase. They also want to experience the trust in the buyer-seller relationship among other benefits.

Few tips to excel in online retailing

So you have concluded to give online retailing a deeper thought and try it out. Below are few tips to compete with already established online retailers.

1. Comfort and speed

Your online platform and the whole shopping experience should be designed for speed and comfort. If you can surpass your competitors in delivery time, in a matter of time, more consumers would prefer to buy from you.

2. Mode of payment

Adopt a variety of payment modes that others do not have. This is a good way to attract new buyers to your retail online store.

3. Pricing

Your pricing model should be competitive enough. It is very easy for online shoppers to compare prices among several retailers offering the same product.

In conclusion, with increasing expansion of the online retail industry, it is obvious that future survival of your local store depends on the ability to adopt ecommerce.

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FayetteChill: A Small Business Success Story

A Small Business Success Story

FayeteChill is a company that produces nature inspired clothing for outgoing and adventurous individuals. It produces all types of apparel from shirts, jackets, bags and much more. It also has apparel for both men and women. It was created from the unlikeliest of places. It was started by a college student that wanted to develop a brand that reflected a lifestyle that he was living.

Early Days

Mo Elliot was still in college when he was starting FayetteChill. For the first few years, it was just him working with a local screen printer. He wanted to build a brand that represented the area that he lived in. He has come a long way from those days and now has 18 employees, retail space in an entertainment district and an 18000 sq ft warehouse that is called the “Smokehouse.” They have even incorporated the former warehouse’s iconic brand into the marketing of their products.

The Team

Elliot says that their team is one of the key reasons for their success. All of his employees are under the age of 27. It brings a college like atmosphere that is reflected in their customers. It may also be the reason why the brand is so popular with college students. The retail location of their office is also a social hub. Everyone can find common ground in mountain sports and activities such as fishing. Their marketing reflects the outdoor attitude they have and is mainly based on their lifestyle of doing fun outdoor activities.

The Company

The hiring of young people must be working as the company has had triple-digit growth over 3 years. Due to the success of the business, they chose to design their clothing from the ground up by choosing the cotton and everything up to production and sales. There may have been long hours but Elliot doesn’t complain. He enjoys the challenges that a small business owner faces and the constant new problems that occur. He only wants to change one thing and that is going suffering more. Fayettechill has grown to over 80 retail locations across the US and also has an online store. The work environment is not of a typical multi-million dollar company as everyone is in their 20s. There is a large amount of chilling and hanging out.

The Future

The future looks bright for Elliot and his company. He wants to keep running his company and has no intention of retiring early. He doesn’t to change much but would like to grow like normal. He wants to continue having a cool business to run with cool people. He also advises for any would-be entrepreneurs that if they are looking to start their own company they should get some experience in that field. It is best if they get work experience with a company. This will help them when they are starting their own company and saves them a lot of headaches. Learning as you go along is also an alternative but this will cause unnecessary time being taken.

Fayettechill is an example of a small business success story and that anybody can make it. It also shows how a unique approach such as hiring young people can benefit a company. There are many lessons to be taken from Elliot’s business success. Elliot’s success should be a motivation for other college students that want to make their own company. If he can do it, what is stopping you.

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